VALN Valneva SE - American Depositary Shares
NASDAQ · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Mar 17, 2026
$5.74
· of 52w range
· above low
· to high
$4.7552w low
$12.1852w high
P/E
-13.0
EPS
$-0.68
Revenue
$175M
your badges
52W Range
$5–$12
Analyst Rating
BUY
Price Target
$12
P/E
-13.0
ROE
-80.2%
Net Profit Margin
-66.0%
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VALN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$5.74
P/E
-13.0
EPS
$-0.68
Revenue
$175M
ROE
-80.2%
52W Range
$5–$12
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$175M2019-12-31 → 2025-12-31
EPS$-0.682019-12-31 → 2025-12-31
Free Cash Flow$-57M2021-12-31 → 2025-12-31
Net margin-66.0%2021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | VALN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -13.05Y avg ≈-33.2 | ≈-33.2 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | VALN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin | -47.0%5Y avg ≈-28.3% | ≈-28.3% | · | · | |
| EBITDA Margin | -47.0%5Y avg ≈-28.3% | ≈-28.3% | · | · | |
| Pretax Margin | -65.3%5Y avg ≈-39.3% | ≈-39.3% | · | · | |
| Net Profit Margin | -66.0%5Y avg ≈-39.3% | ≈-39.3% | · | · | |
| ROA | -25.6%5Y avg ≈-15.3% | ≈-15.3% | · | · | |
| ROE | -80.2%5Y avg ≈-53.9% | ≈-53.9% | · | · | |
| ROIC | -78.0%5Y avg ≈-45.0% | ≈-45.0% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | VALN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio | 2.45Y avg ≈2.0 | ≈2.0 | · | · | |
| Quick Ratio | 1.55Y avg ≈1.1 | ≈1.1 | · | · | |
| Interest Coverage | -2.05Y avg ≈-2.9 | ≈-2.9 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | VALN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.4 | ≈0.4 | · | · | |
| Inventory Turnover | 2.15Y avg ≈2.6 | ≈2.6 | · | · | |
| Receivables Turnover | 5.55Y avg ≈7.3 | ≈7.3 | · | · | |
| Revenue / Employee | ≈$281.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-63.6%
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $-0.17 | $-0.10 | -68.3% | |
| March 31, 2026 | $-0.18 | $-0.07 | -154.6% | |
| Dec. 31, 2025 | $-0.29 | $-0.21 | -36.7% | |
| Sept. 30, 2025 | $-0.26 | $-0.14 | -90.6% | |
| June 30, 2025 | $-0.07 | $-0.16 | 56.7% | |
| March 31, 2025 | $-0.29 | $-0.21 | -36.7% | |
| Dec. 31, 2024 | $-0.25 | $-0.12 | -115.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $175M | $170M | $154M | $361M | $348M | $110M | |
| Cost of Revenue | $107M | $99M | $101M | $324M | $188M | $54M | |
| R&D Expense | $85M | $74M | $60M | $105M | $173M | $84M | |
| SG&A Expense | $37M | $43M | $48M | $34M | $48M | $28M | |
| Operating Income | $-82M | $13M | $-82M | $-113M | $-61M | $-55M | |
| Interest Expense | $42M | $24M | $23M | $19M | $17M | $11M | |
| Interest Income | $3M | $2M | $1M | $260.0K | $249.0K | $516.0K | |
| Pretax Income | $-114M | $-11M | $-99M | $-145M | $-70M | $-65M | |
| Income Tax | $1M | $761.0K | $3M | $-2M | $3M | $-909.0K | |
| Net Income | $-115M | $-12M | $-101M | $-143M | $-73M | $-64M | |
| EPS (Basic) | $-0.68 | $-0.08 | $-0.73 | $-1.24 | $-0.75 | $-0.71 | |
| EPS (Diluted) | $-0.68 | $-0.08 | $-0.73 | $-1.24 | $-0.75 | $-0.71 | |
| Shares (Basic) | 168,179,263 | 145,705,876 | 138,624,381 | 115,473,914 | 97,619,320 | 90,757,173 | |
| Shares (Diluted) | 168,179,263 | 145,705,876 | 138,624,381 | 115,473,914 | 97,619,320 | 90,757,173 | |
| EBITDA | $-82M | $13M | $-82M | $-113M | $-61M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $110M | $168M | $126M | $287M | $347M | $204M | |
| Receivables | $28M | $35M | $42M | $24M | $44M | $19M | |
| Inventory | $50M | $54M | $44M | $35M | $124M | $27M | |
| Current Assets | $223M | $299M | $263M | $425M | $586M | $308M | |
| PP&E (Net) | $119M | $139M | $136M | $112M | $126M | $35M | |
| Intangibles | $22M | $25M | $26M | $29M | $33M | $35M | |
| Total Assets | $399M | $500M | $460M | $621M | $817M | $449M | |
| Accounts Payable | $25M | $36M | $44M | $41M | $68M | $36M | |
| Current Liabilities | $93M | $115M | $159M | $277M | $369M | $176M | |
| Total Liabilities | $293M | $319M | $332M | $402M | $647M | $372M | |
| Stockholders' Equity | $106M | $181M | $128M | $220M | $171M | $77M |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-53M | $-67M | $-203M | $-245M | $77M | $138M | |
| CapEx | $4M | $14M | $14M | $29M | $92M | $19M | |
| Investing Cash Flow | $-2M | $77M | $-21M | $-29M | $-93M | $-19M | |
| Financing Cash Flow | $-621.0K | $31M | $63M | $215M | $155M | $22M | |
| Free Cash Flow | $-57M | $-81M | $-217M | $-275M | $-15M | · | |
| Levered FCF | $-100M | $-107M | $-241M | $-293M | $-33M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Operating Margin | -47.0% | 7.9% | -53.4% | -31.4% | -17.6% | · | |
| Net Margin | -66.0% | -7.2% | -66.0% | -39.7% | -17.6% | · | |
| Pretax Margin | -65.3% | -6.8% | -64.2% | -40.1% | -20.1% | · | |
| EBITDA Margin | -47.0% | 7.9% | -53.4% | -31.4% | -17.6% | · | |
| ROA | -25.6% | -2.5% | -18.8% | -19.9% | -9.7% | · | |
| ROE | -80.2% | -7.9% | -58.3% | -73.4% | -49.5% | · | |
| ROIC | -78.0% | 7.8% | -65.8% | -51.1% | -37.8% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 2.6 | 1.7 | 1.5 | 1.6 | · | |
| Quick Ratio | 1.5 | 1.8 | 1.1 | 1.1 | 0.1 | · | |
| Interest Coverage | -2.0 | 0.6 | -3.5 | -6.0 | -3.6 | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.3 | 0.5 | 0.5 | · | |
| Inventory Turnover | 2.1 | 2.0 | 2.5 | 4.1 | 2.5 | · | |
| Receivables Turnover | 5.5 | 4.4 | 4.7 | 10.6 | 11.0 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue / Share | $1.04 | $1.16 | $1.11 | $3.13 | · | · | |
| Cash Flow / Share | $-0.31 | $-0.46 | $-1.46 | $-2.12 | · | · | |
| EPS (TTM) | $-0.68 | $-0.08 | $-0.73 | $-1.24 | $-0.75 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $175M | $170M | $154M | $361M | $348M | · | |
| Net Income TTM | $-115M | $-12M | $-101M | $-143M | $-73M | · | |
| P/E | -13.0 | -54.6 | -14.2 | -10.3 | -74.0 | · | |
| Earnings Yield | -7.7% | -1.8% | -7.0% | -9.8% | -1.4% | · |
Per Share
| Metric | Trend | Q4 2025 | Q4 2022 |
|---|---|---|---|
| EPS (TTM) | · | $-1.24 |
Valuation (TTM)
| Metric | Trend | Q4 2025 | Q4 2022 |
|---|---|---|---|
| Revenue TTM | · | $361M | |
| Net Income TTM | · | $-143M | |
| P/E | · | -10.3 | |
| Earnings Yield | · | -9.8% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $175M | $170M | $154M | $361M | $348M |
| Operating Margin % | -47.0% | 7.9% | -53.4% | -31.4% | -17.6% |
| Net Income | $-115M | $-12M | $-101M | $-143M | $-73M |
| Diluted EPS | $-0.68 | $-0.08 | $-0.73 | $-1.24 | $-0.75 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 2.4 | 2.6 | 1.7 | 1.5 | 1.6 |
| Quick Ratio | 1.5 | 1.8 | 1.1 | 1.1 | 0.1 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-57M | $-81M | $-217M | $-275M | $-15M |
Institutional owners (13F) 20 filers · $19.8M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
20
Value held
$19.8M
New positions
6
Exited positions
7
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 6 (+1 vs prior Q) | 7 (+4 vs prior Q) | 7 (+4 vs prior Q) | 1 (-4 vs prior Q) | -128K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Frazier Life Sciences Management, L.P. | $11,985,413 | 2,291,666 | 60.61% | Shares |
| Vivo Capital, LLC | $3,991,531 | 763,199 | 20.18% | Shares |
| GENERAL AMERICAN INVESTORS CO INC | $1,853,308 | 354,361 | 9.37% | Shares |
| MILLENNIUM MANAGEMENT LLC | $707,216 | 135,223 | 3.58% | Shares |
| WELLS FARGO & COMPANY/MN | $403,829 | 77,214 | 2.04% | Shares |
| MORGAN STANLEY | $294,014 | 56,217 | 1.49% | Shares |
| IRONWOOD INVESTMENT MANAGEMENT LLC | $235,685 | 45,064 | 1.19% | Shares |
| CITADEL ADVISORS LLC | $106,138 | 20,294 | 0.54% | Shares |
| XTX Topco Ltd | $79,381 | 15,178 | 0.40% | Shares |
| VSM Wealth Advisory, LLC | $52,300 | 10,000 | 0.26% | Shares |
| UBS Group AG | $23,666 | 4,525 | 0.12% | Shares |
| GAMMA Investing LLC | $21,385 | 4,089 | 0.11% | Shares |
| RHUMBLINE ADVISERS | $9,727 | 1,860 | 0.05% | Shares |
| Steigerwald, Gordon & Koch Inc. | $6,538 | 1,250 | 0.03% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $2,924 | 559 | 0.01% | Shares |
| Larson Financial Group LLC | $1,961 | 375 | 0.01% | Shares |
| OSAIC HOLDINGS, INC. | $471 | 90 | 0.00% | Shares |
| Smartleaf Asset Management LLC | $222 | 43 | 0.00% | Shares |
| Caitong International Asset Management Co., Ltd | $94 | 18 | 0.00% | Shares |
| Activest Wealth Management | $5 | 1 | 0.00% | Shares |
Activists & 5%+ owners 1 position
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Bpifrance Participations S.A., EPIC Bpifrance, Bpifrance S.A., Caisse des depots et consignations, CDC Croissance S.A. ×6 filings | May 12, 2026 | 9.30% | Amendment | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
VALN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 12 analysts
BUY
Median target
$13.00
+126.5%
4 33.3%
Strong Buy
6 50.0%
Buy
1 8.3%
Hold
1 8.3%
Sell
0 0.0%
Strong Sell
12-Month Price Target
4 analysts · 2026-09-30Mean target $12.25 +113.4%
Now
Current price $5.74
Low$5.00
Mean$12.25
High$18.00
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Source: SEC 20-F filed Mar 17, 2026